OUE REIT's (SGX:TS0U) net property income dropped 12% in the first quarter of 2025 to SG$53.2 million from a year earlier, according to a Thursday filing with the Singapore Exchange.

Revenue declined 12% year over year to SG$66 million, mainly due the divestment of Lippo Plaza in Shanghai and lower contributions from the hospitality segment.

Office portfolio achieved a committed occupancy of 96.3% as of March 31.